The Nigerian Senate on Thursday granted speedy approval to the $2.2bn (about N1.77tn) loan request of President Bola Tinubu.
The Senate, presided over by Deputy Senate President Barau Jibrin, approved the loan after the Committee on Local and Foreign Debts, chaired by Senator Wammako Magatarkada (APC, Sokoto North), read the report of the Senate Committee tasked with considering President Tinubu's request.
Shortly after Wammako concluded his report, Barau Jibrin asked for comments but added that the report was straightforward and required little deliberation.
He then subjected the request to a voice vote, where the Senate chorused "Aye" in favour of the request.
The request was submitted by the President two days ago (Tuesday) as part of the external borrowing plan outlined for implementing the N28.7tn 2024 budget.
In separate letters read during the Senate and House of Representatives plenary on Tuesday, Tinubu explained that the loan would partially finance the N9.7tn budget deficit for the 2024 fiscal year.